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Clive Lambert - FuturesTechs
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Day trade
Trade view / 21 September 2016 at 5:53 GMT

USDJPY: End to lower daily highs throws switch to bullish

partner and technical analyst / 3 c analysis
United Kingdom
Background

USDJPY bearish signals on the week have been confirmed, investors selling the market this morning to post a fifth lower daily low in a row. With sentiment modestly oversold near the lows recorded in each of the past two weeks, buyers have returned aggressively, the rally ending a sequence of lower daily highs. This is positive and signals have switched to bullish.

Management and risk description

Allow room to buy the dip and raise the stop to the entry point if the first target is met.

Parameters

Entry: Buy at market and then at 102.06, Tuesday's high.

Stop: 101.72, today's open in Asia.

Target: 103.36, last week's high and 104.13, the two-week top.

Time horizon: Today only.


USDJPY charts

 


USDJPY Weekly - recovery to losses
 


USDJPY Quarterly - 50% pullback
 All charts CQG. Create your own charts with SaxoTrader; click here to learn more


— Edited by Susan McDonald


For more on forex click here

Non-independent investment research disclaimer applies. Read more
21 September
AlexF AlexF
Saxo bank CIO just tweeted sell USDJPY @ 102.7
21 September
Steve Lucas Steve Lucas
maybe he was long
21 September
AlexF AlexF
no BOJ does a Draghi - promises, promises.. QQE w. Yield curve ctrl & commitment 2 inflation overshoot: Selling USDJPY here 102.70 & stop 1 ATRSteen Jakobsen added,
21 September
Steve Lucas Steve Lucas
he could be right - then again fed could raise rates - either way - i agree that this rally is temporary - the US$ usually falls after fed actually tightens...so while I'm short-term bullish for this morning I am still longer term bearish
21 September
Andrew Perkins Andrew Perkins
Hi Steve this trade until the Fed meeting at 7pm
21 September
Patto Patto
USDJPY rally is a surprise given the BOJ has just shuffled the deck..Markets seem to have fallen for it.
21 September
Steve Lucas Steve Lucas
I usually close at 4pm London time for an intraday trade - long small ...will buy dip at 102.06
21 September
AlexF AlexF
I shorted based on the tweet @ 102.6 let see. Went long EUR
21 September
Steve Lucas Steve Lucas
tweet working well - went long dax open - still long ftse from yetserday
21 September
AlexF AlexF
GL
21 September
Robnor87 Robnor87
Did you fill up Steve?
21 September
Steve Lucas Steve Lucas
yes - long and sweating...101.97 IS 50% pullback to gains from tgoday's low....101.78 is 62%...my stop at 101.72, today's open in Asia
21 September
Steve Lucas Steve Lucas
lightened up on some dax to hedge usdjpy
21 September
Robnor87 Robnor87
hehe good luck then!
21 September
AlexF AlexF
Went long Nikkei as well this morning to hedge a rate hike
21 September
Robnor87 Robnor87
ouch :(
21 September
Montykris Montykris
down the drain again
21 September
Steve Lucas Steve Lucas
yes sorry guys....ftse covered it yesterday go again tomorrow
21 September
Andrew Perkins Andrew Perkins
out

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